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Realistic Salary Expectations starting out (1st 5 years)

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TNismyHome

Freshman Member
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Mar 9, 2021
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State
Tennessee
Hello. I’ve been reading the forum and watching YouTube videos but I’m confused on something - the salary expectations in the first 5ish years.

Like many others here, I’m looking for a career change out of the Corp world. I have a background in supply chain, a degree in finance and have studied real estate a bit (and own a rental).

I completely understand how it’s a burden for someone established to take on an apprentice. I don’t expect to make much in the first year or so. I'm also not planning to "get my hours and get out."

However, I’ve read here and seen an appraiser on YT say they didn’t get paid for the first 2-3 years. I’ve also read “not expect to make anything in the first 5 years”.

So, my question is, what’s reasonable expectations for salary in the first 5 years. I’m counting day 1 as the day you start as an apprentice.

My ballpark guess/ hope is that I could make $20k as an apprentice in year 1, $40k - $50k by year 2 and by year 5 get $80k.

Is this realistic? I’m in Nashville, so the market is really good and has been for a while.

Just curious to see what everyone thinks. Thank you!
 
I have seen where some appraisers are actually charging trainees to learn. I find it disgusting. I resisted hiring a trainee for years but now have one, since December. We have an agreement to a six-month period to see if we work well together. I pay her $20/hour as an independent contractor. If after six months we agree to continue then I will take the supervisor class and she will register as a trainee and start collecting hours at which time she legally has to be an employee.

She isn't working full time right now but the opportunity could be there. Her potential income, if he were to work full time would be $40,000. After the first year I might put her on a split fee depending on her progress.
 
Supply and demand.

Right now there is a heavy volume of mortgage work and it is unlikely to be sustained when rates start to inch up. If we have a slew of trainees entering the market and volume drops, so too will the work available for the trainees.

When mortgage work turns down, then the established appraisers flood the private market. When they do, they have to compete with the likes of Michigan CG above, and the only way they can do that is to cut fees. If the shop has trainees and the trainees get the lower fee work, or a smaller cut of the overall, then they get less of a fee that is discounted. If private clients are looking to hire appraisers, they may very well consider fees as a motivation, but if their needs are for competence, then they are going to end up with Michigan CG above as opposed to newly minted appraiser trainee.

It really is supply and demand, and we are flooding the market with trainees at the moment, which is short sighted in my opinion.
 
You probably need some way to make a living other than appraisal during training. After year 3 it should be easier on your own.
 
I see a lot of income expectation assumptions, but no mention of a committed schedule.

Are you working 10 hours a week or 50 hours a week? That's the beauty of being an appraiser. You set your income based on how much you want to work.
 
If it is helpful, Nashville's county is hiring a commercial appraiser for expert witness and tax cases, their posting says must be Certified General or MAI and they pay 59-$77.5k. If you want to make a living analyzing data; You can make double the low end being a financial analyst or if you can talk to people (like testimony); be a financial advisor. Now many of those jobs are remote too.

Here is the posting:

 
TNismyHome said:
Hello. I’ve been reading the forum and watching YouTube videos but I’m confused on something - the salary expectations in the first 5ish years.

Like many others here, I’m looking for a career change out of the Corp world. I have a background in supply chain, a degree in finance and have studied real estate a bit (and own a rental).

I completely understand how it’s a burden for someone established to take on an apprentice. I don’t expect to make much in the first year or so. I'm also not planning to "get my hours and get out."

However, I’ve read here and seen an appraiser on YT say they didn’t get paid for the first 2-3 years. I’ve also read “not expect to make anything in the first 5 years”.

So, my question is, what’s reasonable expectations for salary in the first 5 years. I’m counting day 1 as the day you start as an apprentice.

My ballpark guess/ hope is that I could make $20k as an apprentice in year 1, $40k - $50k by year 2 and by year 5 get $80k.

Is this realistic? I’m in Nashville, so the market is really good and has been for a while.

Just curious to see what everyone thinks. Thank you!
Click to expand...
Commercial or residential?
 
Russ Kitzberger said:
If it is helpful, Nashville's county is hiring a commercial appraiser for expert witness and tax cases, their posting says must be Certified General or MAI and they pay 59-$77.5k. If you want to make a living analyzing data; You can make double the low end being a financial analyst or if you can talk to people (like testimony); be a financial advisor. Now many of those jobs are remote too.

Here is the posting:

Click to expand...
Designated folks should never settle for this salary range. My trainee makes more than this.
 
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